Oakley Capital Investments Limited Q2 2026 Earnings Recap

OCI delivered a broadly steady first half, with NAV per share rising 6% to 782p, while the stock reaction was roughly flat at -0.4%. Portfolio earnings growth and gains from key holdings supported NAV, though software multiple contraction and losses in several investments remained offsets.

Key Takeaways

• NAV reached £1.29bn, or 782p per share, up from 738p at the start of 2026; H1 total NAV return was 6%.
• Portfolio performance generated 56p per share of unrealized gains, with 80% driven by earnings growth and the remainder by multiple expansion; realized investment losses reduced NAV by 5p per share.
• Phenna, North Sails, and TechInsights contributed a combined 30p per share. Phenna added 13p after 15 acquisitions year to date, taking total acquisitions during ownership to 71 and EBITDA from £50m at entry to more than £200m.
• TechInsights added 8p, supported by subscription growth, renewals, and a stronger semiconductor market; North Sails added 9p, although its apparel business remains in transition.
• Offsets included a 4p per-share reduction from Cegid due to software multiple contraction, alongside further value reductions at IU and PLG; FX reduced NAV by 4p, partly reflecting euro weakness against sterling.